This template is called a Heads of Agreement for Sale of Business (non-binding).
It can be used when a business owner sells their business, subject to a formal Contract of Sale of Business being finalised and executed at a later time.
This Heads of Agreement is non-binding so that either the Vendor or the Purchaser can withdraw prior to signing a more formal Contract.
It is intended to allow a prospective Purchaser to undertake due diligence, seek finance, and make other preliminary enquiries as to feasibility and the like.
This template is provided free of charge and on the terms and conditions set out on the LegalRocket website.
It has been drafted by an incorporated legal practice registered under the Legal Profession Uniform Law in Australia.